Scott owns a law-enforcement training operation in Boise, Idaho. He employs three trainers. The last trainer Scott hired increased Scott's total cost by $466 per week even though the trainer brought in only one new client. Hence Scott's
A) total variable cost equals $466.
B) marginal cost of the last client equals $466.
C) marginal cost of the last worker equals $233.
D) total variable cost equals $233.
E) total fixed cost of the last client equals $466.
B
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Which of the following statements is true?
A) Price controls strengthen the functioning of the invisible hand. B) Price controls weaken the functioning of the invisible hand. C) Price controls always benefit buyers and make sellers worse off. D) Price controls always benefit sellers and make buyers worse off.
What do you mean by the term 'free market'? a. It refers to the process whereby buyers and sellers interact or trade under government regulation
b. It refers to the process whereby buyers and sellers voluntarily interact or trade without any interference or restrictions. c. It refers to a market where buyers and sellers pay for goods and services in kind and not in cash. d. It refers to a market where assets are traded after they have been sold in the primary market. e. It refers to a market where the demand for the product being traded is not affected by a change in the price of the product.
All economic transactions involve only buyers and sellers; no third parties are involved
a. True b. False Indicate whether the statement is true or false
A student has a chance to see Katy Perry in concert. The student also has a major economics exam in the morning. If the student goes to the concert,
a. she will get a lower grade on the economics exam. b. the opportunity cost of the concert is time spent studying. c. this decision implies a trade-off. d. All of the above are correct.